Financial aid amidst severe weather disruptions for small businesses in Washington, orchestrated by the Small Business Administration
The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organisations in Washington, affected by severe storms, flooding, and freezing conditions between December 18-28, 2022.
Eligibility for the Economic Injury Disaster Loans (EIDL) is based on the financial impact of the disaster rather than actual property damage. Businesses must demonstrate economic injury, and the loan amount is determined by the extent of the economic injury.
To qualify, businesses must have suffered economic losses due to the declared disaster and meet the SBA's eligibility criteria. These criteria include being a small business, small agricultural cooperative, small aquaculture business, or most private non-profit organisations affected by the disaster, and not having the loan more than 120 days past due at the time of certain payment assistance requests.
The disaster declaration was made on April 11, 2023, by Governor Jay Inslee, and the loans are available in Grays Harbor, Island, Jefferson, Kitsap, Mason, Okanogan, Pierce, Skagit, Snohomish, Thurston, and Whatcom counties.
Businesses can apply for the EIDL through the SBA portal, submitting a completed loan application along with tax information and documentation demonstrating the disaster’s impact on their business operations. The SBA may require additional documentation such as financial statements, proof of ownership, and personal credit information.
After application, the SBA will review the loan to assess eligibility and loan amount. If approved, the loan funds can be used to cover working capital needs such as payroll, fixed debts, accounts payable, and other bills that the disaster has impacted.
The loans can provide up to $2 million based on the extent of the economic injury. The interest rate for small businesses is 3.305%, and for private non-profit organisations, it is 2.375%.
The deadline for application is January 12, 2024. Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The SBA's mission-driven team is ready to help affected businesses and is committed to providing federal disaster loans quickly and efficiently. The Washington Small Business Development Center is also offering free, personalized counseling to help affected businesses in their recovery.
To access this assistance, businesses can email [email protected] or call (833) 492-7232. For more information, businesses can visit or call SBA's Customer Service Center at (800) 659-2955.
- Businesses in Washington affected by the December 2022 severe storms, flooding, and freezing conditions can apply for low-interest federal disaster loans, known as Economic Injury Disaster Loans (EIDL), to cover working capital needs such as payroll, fixed debts, accounts payable, and other bills impacted by the disaster.
- The loan amount for EIDL is determined by the extent of the economic injury, and the interest rate varies for different types of businesses; for small businesses, it is 3.305%, while for private non-profit organizations, it is 2.375%.
